Common-Size Income Statement
Quarterly Data
FedEx Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
- Salaries and Employee Benefits
- The proportion of salaries and employee benefits relative to revenue fluctuates moderately throughout the observed periods, generally ranging between approximately 32.4% and 37.24%. The highest percentage occurred in February 2021, while the lowest was observed around May 2020. The overall trend does not indicate a clear upward or downward movement but shows a recurring level of around mid-30% of revenue.
- Purchased Transportation
- This cost item generally accounts for around 23% to 26% of revenue, peaking in the late 2019 and early 2020 periods and gradually reducing towards late 2023 and 2024, with some minor variability. The reduction from above 26% to closer to 24% suggests some improvement or efficiency gains in transportation spending relative to revenue.
- Rentals and Landing Fees
- Rentals and landing fees maintain a relatively stable percentage of revenue, fluctuating narrowly between approximately 4.8% and 5.4%. No significant trend is evident, indicating consistent cost management in this expense category over time.
- Depreciation and Amortization
- These charges represent around 4.2% to 5.3% of revenue, showing a slight downward trend from roughly 5.2% in 2019 to around 4.7%-4.9% in recent periods. This could reflect changes in asset composition or amortization schedules.
- Fuel
- Fuel costs exhibit the most significant variability among operating expenses, initially stable around 5% of revenue, dropping sharply to near 3% during mid-2020, and then increasing again to peak above 7% by mid-2022 before declining back below 4% toward 2024-2025. This pattern suggests sensitivity of fuel expense to external factors such as fuel prices or operational changes.
- Maintenance and Repairs
- Maintenance and repairs expenses remain fairly consistent, generally staying between 3.4% and 4.5% of revenue, with a slight decline towards the later periods, indicating steady maintenance cost control relative to revenue.
- Separation and Other Costs
- These costs are largely absent except for a small negative value in the last recorded period, suggesting minimal impact or low incidence of such expenses.
- Goodwill and Other Asset Impairment Charges
- Impairment charges appear sporadically over the periods, with some minor negative impacts noted in late 2019, mid-2020, late 2022, early 2023, and a small charge in 2024. These occasional charges indicate periodic asset write-downs that have minor influence relative to total revenue.
- Business Optimization Costs
- Such costs have been recorded intermittently starting early 2021, typically representing under 1% of revenue but with some variability. There is a noticeable peak around late 2023, suggesting periods of cost restructuring or efficiency initiatives.
- Other Expenses
- Other operating expenses constitute a relatively stable and significant portion of revenue, generally hovering in the 13.8% to 16% range. Slight fluctuations occur but no clear trend upward or downward is evident, implying steady miscellaneous expense levels.
- Operating Expenses and Income
- Operating expenses as a whole range mostly between 91.9% and 97.7% of revenue, dipping notably around mid-2020 and mid-2024, which correspondingly improves operating income percentages to peaks near 8%. Operating income fluctuates generally between a low of about 2.3% to highs of above 8%, showing a pattern that aligns inversely with total operating expenses.
- Interest Expense, Net
- Net interest expenses relative to revenue steadily decline over time from roughly 0.8% to approximately 0.4%-0.5%, reflecting improved debt management or lower interest rates impacting financial costs.
- Other Retirement Plans, Net
- Contributions from other retirement plans have varied significantly, including some negative impacts around mid-2020 and mid-2022, with positive inflows in other quarters reaching above 6%. The data indicate episodic fluctuations rather than a sustained trend.
- Loss on Debt Extinguishment
- A singular loss event is recorded in mid-2021, with no recurring charges reported in other periods. This suggests an isolated non-operating financial cost.
- Other, Net
- Other miscellaneous income and expenses remain minor, fluctuating slightly around zero percent of revenue with occasional small positive or negative amounts, lacking a discernible pattern.
- Other Income (Expense)
- This category exhibits volatility, including sharp negative impacts in mid-2020 and mid-2022, with some strong positive spikes in late 2021 and mid-2023. The irregular pattern points to occasional non-recurring income or expense items influencing overall profitability.
- Income Before Income Taxes
- Income before income taxes generally follows operating income trends, ranging from negative values during mid-2020 to peaks above 11% in mid-2021 and around 10% in mid-2024 and mid-2025. The fluctuations reflect varied operational and financial results over time.
- Provision for Income Taxes
- The provision for income taxes as a percentage of revenue is somewhat unstable, ranging between roughly -0.07% and -3.3%. It often increases during quarters with higher pre-tax income, corresponding to fluctuations in taxable income and effective tax rate variations.
- Net Income
- Net income margins show substantial variability, mirroring operating and pre-tax income movements. Margins swing from negative near -1.9% in mid-2020 to peaks above 7% in mid-2021 and mid-2023, with recurring periods of 3%-5%. The variable profitability underscores sensitivity to both operational costs and non-operating factors.